BP Report $3.3 Billion in Profits, A Boon for Republican Big Oil Allies
WASHINGTON, D.C. – Today, BP reported $3.3 billion in Q3 profits, with $1.2 billion spent on dividends and $2 billion on stock buybacks. Last week, Exxon and Chevron released their profits totals. Exxon’s $9.1 billion in third quarter profits exceeds the GDP of 41 countries, and Chevron’s total of $5.7 billion exceeds the GDP of 37 countries.
“Big Oil is raking in money like there’s no tomorrow, making billions off the backs of working families and reporting profits that even blow some countries’ GDPs out of the water. What’s more, they’re using the money to enrich their already-wealthy executives and shareholders instead of investing in widely popular clean energy,” said Climate Power’s senior advisor for oil and gas, Alex Witt. “Republicans in Congress are aligned with Big Oil’s dirty tricks. Led by Speaker Mike Johnson, Republicans will continue to encourage corporations like BP to keep drilling while they try over and over to repeal President Biden’s clean energy plan.”
President Biden’s climate plan is moving the U.S. away from reliance on profiteering oil and gas companies. In the year since the clean energy plan became law, businesses have announced 170,600 new clean energy jobs in 44 states across the country totaling $278 billion in new investments. Not to mention, Johnson’s district has benefitted from the Inflation Reduction Act, with 187 new clean energy jobs created across two clean energy projects with $45.5 million in investments.